If you are considering leasing an ATM or any other equipment from Frontier Leasing, DO NOT DO BUSINESS WITH THEM! The fact that Frontier Leasing's attorney is responding to complaints should tell you all that you need to know about this company. There are many companies that provide leasing, seek out an alternative to Frontier Leasing. They are dirty. I'll detail my experience below:
Liberty Leasing was my original lessor. Credit Card Center was the ATM processor that provided me with Liberty Leasing and an awful arrangement. Because Credit Card Center promised that they would make payments if the surcharge income did not exceed the lease payment, I unfortunately signed a lease agreement for $9,000 on an ATM with a book value of less than $1,000.
Two months in to my lease with Liberty Leasing, the Credit Card Center disappeared and my lease was simultaneously sold to Frontier Leasing. The odd thing that I have never understood is that many of the employees that worked for Liberty Leasing all of a sudden were working for Frontier Leasing. I realized at this point that I was scammed in to an unfortunate lease, and I immediately began to work on damage control.
I asked Frontier Leasing for a fair buyout of the lease. What I came to realize was that Frontier was in on the scam. A company that claims to be experts in leasing ATM Machines should know if they are purchasing or establishing leases that far exceed the value of the underlined equipment. To make a long story short, Frontier responded to my request with a buyout offer that included the total of all payments, the residual buyout, and the taxes.in other words they wanted what I would spend on the lease throughout the lease upfront.
I paid for an attorney to help me fight this company. I, however, only pursued it as far as a couple of letters. I do not have the deep pockets to prove their unethical practices. I filed a complaint with the state of Iowa. It was not surprising to me that there were a number of complaints filed against Frontier.
I am really mad that I was taken by Credit Card Center and not able to work out a fair resolution with Frontier who did business with Credit Card Center. They allowed Credit Card Center to take the fall for them. Credit Card Center went bankrupt and Frontier Leasing profited by Credit Card Center's lying and cheating.
Anyone out there who wants to make money, follow Frontier's business plan. Find a company will make promises that it can not possibly keep on some kind of bank processing equipment. As a separate company provide the leasing. The customer will sign for a lease that is way overvalued if they think that they are receiving a great processing deal. The company that set up the processing then goes bankrupt and you collect on lease that is way overvalued. A couple of things to keep in mind when running this scam: Make sure the lessee personally guarantees the lease. Make sure the lessee is a small business that will not be able to expose you.
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